Daily Market trend dated 6th July 2018

Daily Market trend dated 6th July   2018  Bullish Candel but upper side Threats Continue. RELIANCE – Classic example – Sell on News  (All channels andso called analyst recommending to buy due to vested interest and every one trapped and loose money) As expected after sharp recovery from the last few sessions, higher level profit booking supply by FIIS continue and up side remain under pressure.  During the  market hrs number of times Index was moved in positive terriority but failed to sustained and finally  win Bear and closed with a loss of 20 points on the eve of weekly expiry of Bank Nifty.  However, due to short covering Bank Nifty showed a good performance and able to closed above 26500 mark which is first sign of more upside in coming days.  However, trend is still positive and any short position should be taken on intraday basis and do not carry  over.   Intraday dip to buy side whereas every one sellers and once   market in exburance stage to avoid buy and sell side. On the other Reliance was culprit of Thursday day as profit booking seen over all on the day of AGM    Nifty Spot :  Nifty are continue in small trading range and looks that prepare for bigger move in either side. However, at lower level chances of big down is remote.  Now for the day purpose Nifty has good support 10700-10710 range and break down these level only further down side towards 10650,  higher level resistance around 10790-10810-10830 watch out.. On the other hand some put writing seen at 10800 call so short term resistance likely continue Bank Nifty Future :   As yesterday we are bullish and advise to long with stop loss 26000 mark for target 26500 which have been achieved on Thursday trading.  Bank Nifty are continue looks promising which is evident that yesterday fresh long seen of 1.74 lacs contract.  In terms of technical level, holding above 26500 upper side open towards 26700 26750, whereas down side support 26250-26100-26000 and major support at 25900.   Any sharp dip to buy side FO Ques :   Highest Put at  10600-10500 Highest call seen at 10600-10800 Pur writing seen at 10700 Call Writing seen at –  10800-10900   Long Side:    Grasim Ind, Yes Bank, Asian Paints, HDFC Bank, HCL Tech and Kotak Bank Short side :      UBL, PC Jewellers, VEDL, Titan, Hexaware, Sun TV . Short Covering  :   M&M - Long Unwinding   :   Tata Motor, CAPF Pharma Index :  As mentioned in this to buy Pharma stocks on dip .Now consider major resistance nearly  9460 which is a double top formation on chart and once taken out sjuccessfully decent up move towards 9710 99000-10000 mark.   Above 9460 on sustainable basis minimum gain of 500 points likely.  This is mentioned on yesterday in our report and it was made a high 9462 and finally come down 200 points from a days high and closed at 9275.   Over all trend is very bullish and lower level decent support range 9100-9150 which is a buying opportunity of front line stocks like,  Lupin, Dr. Readdy Lab, Auro Pharma and Sun Pharma.  Over all Nifty Pharma Index trading above short term and medium term moving average of bullish zone.  Today resistance 9330 above again up move. PSU Index :  There is no charm in PSU Bank Index and mamy stocks in bearish zone, however, short term some upside likely continue.  Over all consider resistance 2800 and support 2690-2700 watch out.  Happy Trading Hrs. For Feedback/clarification/querry, simply drop us a mail at : backoffice.3mteam@gmail.com. Cell No.  9630466296 (also available on whatasapp With Regards 3M TEAM Research +919630466296 / 9301302732